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Monday, December 17, 2007

I thought both 1460 and 1450 would be key support levels. If we held 1460, we might get a rally from here. However, both levels fell decisively today. Volume was higher than Friday, but not high enough to start panic selling. If 1440 falls, it's time for Paulson to cal in the PTT (that's a joke. Please don't call me an idiot.)

Things are getting very interesting on the Nasdaq. We blew right through the 200dma, but stopped right on the rising trend line. Will we bounce off it, or are the sellers just pausing to catch their breath?

We are getting MACD crossovers all over the place. The Russell has one support level left Today's action did not give me much confidence it will hold, but then again, I thought that last time it was down here.

By the way, I got a suggestion about tracking the stocks I highlight on the blog. Google docs has a nice spreadsheet that I can link to from here. I am working on getting it done, I should have it this week.

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About Me

I am not a financial professional, just a guy that trades my own account.
I am also not a musical professional, just a guy that makes music on the computer. Thus, two blogs, one trading and on musical.
And, no, the picture is not me, it is the late, great John Belushi, one of the inspirations for these blogs.

About ThIs Blog

This blog is focused on technical analysis of stocks and markets, putting heavy emphasis on chart analysis. My trading style is derived primarily from my mentor, William "Yoda" O'Neil, and the focus here is on leading and breakout stocks, but all forms of trading are covered to some extent. Economic and political news that effects the market are also topics here, and the blog may occasionally become a platform for my political and philosophical ranting. I keep several spreadsheets on Google docs which track various aspects of the market and readers are welcome to vies and comment on them.

Google Docs Spreadsheets

There are several spreadsheet that I maintain on Google docs to track various watchlists and trends in the market.

1. The earnings list - a group of small and micro cap, low float stocks that have exhibited recent rapid earnings growth. They are modeled along the lines of William O'Neil's CAN SLIM system, but limited to small cap, highly volatile stocks.

2. The relative strength list - a group of stocks which are near 52 week highs and have shown an increase in average daily volume. The list is limited to the top 200 stocks according to my methodology, which will be detailed on one of the pages of the spreadsheet.